Coronavirus relief bill could give unemployed workers more than 100% of their paycheck

by Bryan Brammer · Mar 28th, 2020 10:09 am

The coronavirus relief bill that President Trump signed into law Friday may allow U.S. citizens who lose their jobs to collect unemployment checks that are much bigger than the paychecks they were receiving while employed.

According to the CARES Act, individuals eligible to collect unemployment would receive an extra $600 a week for up to four months in addition to what state unemployment programs already pay.

Experts say the unemployment payment provided through the CARES Act is around 156% larger than the current nationwide average of $385 per week.

Since unemployment benefits aren't subject to Social Security and Medicare taxes (7.65% combined) and many states don't deduct state and local taxes, unemployment may look more appealing in the near term than working for wages.


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